Pan African Resources said its FY after-tax profit in rand terms increased by 160.2% to ZAR547.0m, from ZAR210.2m a year ago. In sterling terms, after-profit rose 117.9% to £25.5m, from £11.7m. "The ... group delivered an outstanding set of results for the 2016 financial year. These results include a year of record gold production and profits and the largest dividend payment to date," said CEO Cobus Loots in a statement. "Our gold mining operations delivered exceptional results, producing in excess of 200,000oz of gold for the financial year. "The performance from Evander Mines, in particular, demonstrated the potential of the operation, with production increasing by 30.8% year-on-year. "Results were also assisted by the Rand gold price and a full years production from the Evander tailings retreatment plant. "Our robust financial position, well-established cash-generative operations, decentralised hands-on management structure and cost-conscious culture differentiate us from our peers. "These attributes give Pan African Resources a competitive advantage for further growth through our project pipeline and also position the group to capitalise on potential acquisition opportunities." Separately, Pan African said its 2016 Abridged Mineral Resource and Mineral Reserve Report (MR&MR) has been released. REPORT HIGHLIGHTS: - 3.0 million ounces (Moz) or 9.4% gross annual increase in Group gold resources to 34.9Moz (2015: 31.9Moz). - 0.4Moz or 3.8% gross annual decrease in Group gold reserves to 10.0Moz (2015: 10.4Moz). - No material change in Group platinum group elements (PGE) resource, 0.6Moz (2015: 0.6Moz). - 0.3 Moz or 60% gross annual decrease in Group PGE reserves to 0.2Moz (2015: 0.5Moz). Following International Ferro Metals Limited (IFM) being placed in business rescue, the PGE mineral reserves at Phoenix Platinum declined year-on-year by 0.3Moz. - 23.3 million tonnes (Mt) of mineable tonnage in situ coal from Uitkomst Colliery. - Down dip extension of the high grade 11 Block of the main reef complex (MRC) orebody by a further 70 metres. This extension to the MRC orebody resulted in additional mineral reserves at Fairview Mine, thereby extending the life-of-mine (LOM) of Barberton Mines to 22 years. - Positive grade/tonnage profile for the 25-26 levels at Evander No. 8 Shaft, thereby maintaining the LOM of Evander Mines to 16 years. Surface exploration drilling commenced at Evander Mines targeting the 2010 payshoot. - Positive pre-feasibility study (PFS) of the Elikhulu tailings retreatment project (Elikhulu Project), the Company mandated DRA Projects (Pty) Limited (DRA Projects) to conduct a definitive feasibility study (DFS) on the project. This study will be completed by November 2016.
-0.37p (-1.70%)delayed 18:15PM